Enterprise Products Partners L.P.

SEC Filings

8-K
ENTERPRISE PRODUCTS PARTNERS L P filed this Form 8-K on 01/31/2018
Entire Document
 


         
Enterprise Products Partners L.P.
   
Exhibit A
 
Condensed Statements of Consolidated Operations – UNAUDITED
           
($ in millions, except per unit amounts)
           
   
For the Three Months
Ended December 31,
   
For the Year
Ended December 31,
 
   
2017
   
2016
   
2017
   
2016
 
Revenues
 
$
8,426.6
   
$
6,478.8
   
$
29,241.5
   
$
23,022.3
 
Costs and expenses:
                               
Operating costs and expenses
   
7,414.3
     
5,608.7
     
25,557.5
     
19,643.5
 
General and administrative costs
   
43.7
     
39.1
     
181.1
     
160.1
 
Total costs and expenses
   
7,458.0
     
5,647.8
     
25,738.6
     
19,803.6
 
Equity in income of unconsolidated affiliates
   
110.8
     
92.2
     
426.0
     
362.0
 
Operating income
   
1,079.4
     
923.2
     
3,928.9
     
3,580.7
 
Other income (expense):
                               
Interest expense
   
(245.6
)
   
(247.0
)
   
(984.6
)
   
(982.6
)
Other, net
   
(30.9
)
   
3.8
     
(63.0
)
   
(21.7
)
Total other expense
   
(276.5
)
   
(243.2
)
   
(1,047.6
)
   
(1,004.3
)
Income before income taxes
   
802.9
     
680.0
     
2,881.3
     
2,576.4
 
Provision for income taxes
   
(5.6
)
   
(10.3
)
   
(25.7
)
   
(23.4
)
Net income
   
797.3
     
669.7
     
2,855.6
     
2,553.0
 
Net income attributable to noncontrolling interests
   
(23.3
)
   
(10.9
)
   
(56.3
)
   
(39.9
)
Net income attributable to limited partners
 
$
774.0
   
$
658.8
   
$
2,799.3
   
$
2,513.1
 
                                 
Per unit data (fully diluted):
                               
Earnings per unit
 
$
0.36
   
$
0.31
   
$
1.30
   
$
1.20
 
Average limited partner units outstanding (in millions)
   
2,167.0
     
2,116.6
     
2,154.3
     
2,089.1
 
                                 
Supplemental financial data:
                               
Net cash flows provided by operating activities
 
$
1,819.7
   
$
1,407.8
   
$
4,639.6
   
$
4,066.8
 
Total debt principal outstanding at end of period
 
$
24,780.1
   
$
23,901.6
   
$
24,780.1
   
$
23,901.6
 
                                 
Non-GAAP distributable cash flow (1)
 
$
1,256.9
   
$
1,031.1
   
$
4,502.3
   
$
4,102.8
 
Non-GAAP Adjusted EBITDA (2)
 
$
1,542.0
   
$
1,355.1
   
$
5,615.3
   
$
5,255.9
 
Gross operating margin by segment:
                               
NGL Pipelines & Services
 
$
871.5
   
$
784.3
   
$
3,258.3
   
$
2,990.6
 
Crude Oil Pipelines & Services
   
295.5
     
220.9
     
987.2
     
854.6
 
Natural Gas Pipelines & Services
   
178.5
     
201.3
     
714.5
     
734.9
 
Petrochemical & Refined Products Services
   
172.0
     
148.7
     
714.6
     
650.6
 
Total segment gross operating margin (3)
   
1,517.5
     
1,355.2
     
5,674.6
     
5,230.7
 
Net adjustment for shipper make-up rights (4)
   
2.6
     
2.1
     
5.8
     
17.1
 
Non-GAAP total gross operating margin (5)
 
$
1,520.1
   
$
1,357.3
   
$
5,680.4
   
$
5,247.8
 
                                 
Capital spending:
                               
Capital expenditures
 
$
983.6
   
$
574.3
   
$
3,101.8
   
$
2,984.1
 
Cash used for business combinations, net
   
--
     
--
     
198.7
     
1,000.0
 
Investments in unconsolidated affiliates
   
17.7
     
18.9
     
50.5
     
138.8
 
Other investing activities
   
--
     
--
     
--
     
0.4
 
Total capital spending, cash and non-cash
 
$
1,001.3
   
$
593.2
   
$
3,351.0
   
$
4,123.3
 
                                 
(1) See Exhibit D for reconciliation to GAAP net cash flow provided by operating activities.
(2) See Exhibit E for reconciliation to GAAP net cash flow provided by operating activities.
(3) Within the context of this table, total segment gross operating margin represents a subtotal and corresponds to measures similarly titled within the financial statement footnotes provided in our quarterly and annual filings with the U.S. Securities and Exchange Commission (“SEC”).
(4) Gross operating margin by segment for NGL Pipelines & Services and Crude Oil Pipelines & Services reflects adjustments for non-refundable deferred transportation revenues relating to the make-up rights of committed shippers on certain major pipeline projects. These adjustments are included in managements’ evaluation of segment results. However, these adjustments are excluded from non-GAAP total gross operating margin in compliance with guidance from the SEC.
(5) See Exhibit F for reconciliation to GAAP total operating income.
 
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